Alpha Radio Empire Goes Bankrupt As Covid Slams Ad Budgets (1)

Alpha Media Holdings, which operates more than 200 radio stations across the U.S., filed for bankruptcy after Covid-19 crushed its customers’ advertising budgets.

The multimedia company sought protection from creditors in Virginia alongside several affiliates. Alpha owes creditors at least $267 million, spread across first-lien debt, second-lien notes and unsecured notes, court papers show.

Chapter 11 allows Alpha to continue operating while it seeks court approval of its plan to slash debt and hand ownership of the company to second-lien creditors. Alpha is privately owned by investment firms including Stephens Capital Partners, Breakwater Management and Endeavour Capital. ...